Here in LA I recently saw two very good gay musicals--"Play it Cool" which still needs some work but has very good music. It's set in a gay club in the 50s and though the action is kind of compressed it's still quite good.
Also, the best new musical I've seen lately--which includes gay and straight is of all things a Lesbian Musical Comedy called "The Break-Up Notebook", based on a play of the same name. I always go to these shows even though most of them are not good. I dragged my partner to it--reluctantly because we had just seen a truly awful production of a lesbian musical, but it turned out to be excellent--well written, great music, great cast. I think they're working on a New York production of it.
Yes, we do need a third vampire musical.--Little Sally, Gypsy of the Year 2005.